Oil inventories in the United States fell 2.597 million barrels to 413.425 million barrels for the week ended February 25, the Department of Energy (DOE) said on Wednesday. analysts heard wall street journal An increase of 2.2 million is projected.
On the other hand, gasoline inventories fell by 468,000 barrels to 246.011 million barrels, as against an expected decline of 1.4 million barrels. Distillates fell by 574 thousand barrels to 119.104 million barrels, when the forecast was for a drop of 1.4 million.
Oil inventories at Cushing fell by 972,000 barrels to 22.806 million barrels. The refinery utilization rate rose to 87.7% from 87.4% last week, compared to analysts’ forecast of 87.2%.
Meanwhile, average daily production in the US stood at 11.6 million barrels, according to the DOE.
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